future value of an ordinary simple annuity

You can purchase a residential building lot for $60 000 cash or for $10 000 down and month-end payments of $1000 for five years. If money is worth 7.5% compounded monthly, which option should you chose?

i was part way to the answer when i encounterd a problem.

Using the formula FV= P ( 1 + r/n ) ^ n * t [for option 1]

where P = 60 000
t = 5
n = 12 60 000 ( 1 + 0.075/12 ) ^ 12 * 5

323 289.7797

for option 2 however ,

i'm confused on the same formula as suppose to a different one.
Different meaning FV = PMT [ 1 - ( 1 + i )^-n / i ]